Funmilayo Olagunju Esq.
Real Estate is a term for Real Property. Black’s Law Dictionary defines Real Property as “land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land.
Real Property can be either corporeal (soil and buildings) or incorporeal (easements).
Also termed Realty; Real Estate; Fast Estate”
Shelter is a basic human need.
Acquiring land or house is not just a priority, but a Life goal for many people.
Unfortunately, many are victims of Real Estate fraud disguised as Investment.
Deposit and part payment
In Real Estate, Deposit is not the same thing as Part Payment.
Deposit is a token payment made by intending purchaser to show commitment. It is non-refundable in the event of default by the purchaser.
Where deposit is paid, contract is not finalized and vendor is not liable to forfeit.
Part Payment is a portion of the purchase price after the parties have agreed to the contract.
Be sure of what you are about to pay for.
Companies and acclaimed real estate agents are advertising real estate investment that permits daily installment as means to own land or house.
Consider these tips before subscribing to such investment;
1. Verify the authenticity of the Company
2. Carry out Due Diligence
3. Avoid cash payment
4. Avoid payment into personal Account
5. Avoid payment through a third party acting as agent or middle man for the “company”
6. Consider unforseen circumstances and contingent risk attached.
7. Understand the full terms and conditions. “Build houses and settle down; plant gardens and eat what they produce. Jeremiah 29:5